The Visionaire (70 Little West Street)

The Visionaire is a high-volume Hybrid asset that serves as a performance anchor in Battery Park City, outperforming the sub-neighborhood by 16.7%. The building’s health is driven by its 2BR and 3BR segments, which capture elite rent efficiency (~$90/SF) and exhibit steady compounding appreciation. However, investors face significant "income leakage" in the rental market for smaller units and substantial liquidity risk in the 'B' stack, where units can sit for nearly two years. Opportunity lies in high-floor 'D' and 'E' lines which command structural premiums, while risk is concentrated in the lower-floor units that suffer from unit size imbalance and resale volatility.

Tony InJe Yeo

Feb 25, 2026

Contents

1. BUILDING OVERVIEW (ANALYST FRAMING)2. UNIT MIX & COMPOSITION 3. LINE (STACK) PERFORMANCE — RESALE ONLY 4. BUILDING-WIDE PPSF TREND (NORMALIZED)5. RENT CAPTURE ANALYSIS 6. B³ SCORING SYSTEM (0–100)7. COMPOSITE SCORE & CLASSIFICATION 8. TRANSACTION EXAMPLES 9. RISKS & RED FLAGS 10. EXECUTIVE SUMMARY B³ SCORECARD

1. BUILDING OVERVIEW (ANALYST FRAMING)

The Visionaire (70 Little West Street) is a postwar resale condo built in 2008 in Battery Park City. Standing 33 floors with 247 units, it functions as a large-scale, full-service development. Based on post-sponsor behavior, the building is classified as a Hybrid asset. It exhibits deep transaction history with 409 recorded sales and 222 rentals, notably outperforming the Battery Park City sub-neighborhood by 16.7%. Its performance is anchored by durable compounding PPSF trends—moving from a sponsor-era floor of ~$900–$1,300 to resale ceilings exceeding $1,700—and a robust rental market that achieves strong efficiency, though it is prone to extreme "income leakage" in specific high-vacancy luxury units.

2. UNIT MIX & COMPOSITION

The unit mix is inferred from transaction-weighted activity.

Unit Type	% of Sales Activity	Median PPSF	Median DOM	Original Discount
Studio	~2.7%	$1,046 - $1,499	0 - 120	-5.61% to -8.16%
1BR	~18.8%	$928 - $1,172	63 - 120	-5.72% to -23.37%
2BR	~33.0%	$1,135 - $1,277	99 - 112	-8.29% to -8.94%
3BR	~17.6%	$1,284 - $1,568	61 - 96	-6.18% to -13.02%
4BR+	~2.7%	$577 - $1,720	0 - 159	0.00% to -6.59%

Liquidity stability is driven by the 2BR and 3BR segments, which account for half of all building activity. Volatility is concentrated in the 1BR segment (which suffers from 120-day median DOM) and the 4BR+ segment, which exhibits massive pricing dispersion ranging from $577 PPSF to $1,720 PPSF, highlighting significant unit size / unit mix imbalance.

3. LINE (STACK) PERFORMANCE — RESALE ONLY

A. Liquidity: Fastest-clearing resale lines include the 'K' and 'G' stacks. Unit 6K cleared in 7 days and 4G in 14 days. Slowest-clearing lines are dominated by the 'B' stack; unit 6B languished for 683 days, 15B for 282 days, and 11B for 286 days.

B. Price Strength: The high-floor 'E', 'D', and 'C' lines command structural premiums. Unit 18E reached $2,086 PPSF, 22C reached $1,877 PPSF, and 22D hit $1,727 PPSF. Structural discounts are prevalent in the lower-floor 'B' and 'A' lines, with 23B trading at an anomalous $559 PPSF and 20A at $577 PPSF.

C. Appreciation: The building is Compounding. Line 'C' (1BR) moved from $947 PPSF (2009) to $1,231 PPSF (2025). Line 'D' (3BR) moved from $1,275 PPSF (2009) to $1,727 PPSF (2025).

4. BUILDING-WIDE PPSF TREND (NORMALIZED)

2008–2010 (Sponsor/Entry): Median PPSF was established between $900 and $1,300, driven heavily by sponsor bulk closings.
2014–2018 (Expansion): Pricing stepped aggressively into the $1,300–$1,900 band.
2021–2025 (Maturity): Resale values stabilized with a ceiling of $1,600–$2,000+, while standard inventory clears in the $1,200s.
Conclusion: Compounding. The building has successfully raised its valuation floor over the past 17 years, outpacing the Battery Park City average and aligning with the upward trajectory of the NYXRCSA Oct 2025 index (331.14).

5. RENT CAPTURE ANALYSIS

MANDATORY: Effective Annual Rent = Achieved Rent × (365 − Rental DOM) ÷ 365.
- High-Capture (Unit 4H): Rent $8,300, DOM 8. Effective Rent = $8,118.
- Mid-Capture (Unit 32C): Rent $10,500, DOM 25. Effective Rent = $9,780.
- Leaky (Unit 32C - previous cycle): Rent $10,500, DOM 113. Effective Rent = $7,249.
- Extreme Leakage (Unit PH1B): Rent $15,000, DOM 630. Total Income Loss (Vacancy exceeds cycle).
Rent efficiency is elite in the 2BR/3BR units ($80–$100 Yearly PPSF), but the building is prone to severe income leakage in Penthouse and oversized combinations where DOM routinely exceeds 100 to 600 days.

6. B³ SCORING SYSTEM (0–100)

Liquidity Score: 72 (High depth with 400+ resales is offset by a sluggish 99-day median speed and extreme 680+ day dispersion in the 'B' line).
Rent Capture Score: 78 (Elite efficiency of ~$90/SF is balanced by total vacancy loss outliers in the luxury tier).
Appreciation Score: 81 (Consistent line-level compounding and 16.7% outperformance against the sub-neighborhood).

7. COMPOSITE SCORE & CLASSIFICATION

Composite Score: (72 × 0.35) + (78 × 0.30) + (81 × 0.35) = 76.95.
Category Label: Hybrid (All scores ≥ 65).

8. TRANSACTION EXAMPLES

Resale Appreciation:

Unit 5C (1BR): $947 PPSF (2009) → $1,231 PPSF (2025). +30.0%. Drivers: (1) Market regime timing, (5) Sponsor price normalization.
Unit 22D (3BR): $1,275 PPSF (2009) → $1,727 PPSF (2025). +35.4%. Drivers: (1) Market regime timing, (5) Sponsor price normalization.
Unit 6A (1BR): $1,085 PPSF (2009) → $1,214 PPSF (2025). +11.9%. Drivers: (1) Market regime timing, (5) Sponsor price normalization.
Unit 14B (2BR): $1,312 PPSF (2009) → $1,372 PPSF (2025). +4.6%. Drivers: (1) Market regime timing, (5) Sponsor price normalization.

Resale Depreciation / Drawdown:

Unit 23B (2BR): $1,225 PPSF (2011) → $559 PPSF (2022). -54.4%. Drivers: (4) Unit size / unit mix imbalance, (1) Market regime timing.
Unit 3C (1BR): $978 PPSF (2013) → $490 PPSF (2020). -49.9%. Drivers: (3) Liquidity shift, (1) Market regime timing.
Unit 10C (1BR): $1,236 PPSF (2014) → $1,048 PPSF (2022). -15.2%. Drivers: (1) Market regime timing, (3) Liquidity shift.
Unit 10A (1BR): $1,404 PPSF (2017) → $1,044 PPSF (2012, historical drawdown context). -25.6%. Drivers: (1) Market regime timing, (3) Liquidity shift.

9. RISKS & RED FLAGS

Chronic Long Resale DOM: The 'B' stack is a major illiquidity agent, with DOM frequently exceeding 280–680 days.
Unit Mix Imbalance: Extreme pricing dispersion in the 4BR+ tier ($577 to $1,720 PPSF) indicates massive price discovery friction for oversized units.
Income Leakage: Penthouse rental lines (e.g., PH1B) have shown vacancy risks exceeding 600 days, erasing the entirety of the targeted annual yield.
What NOT to buy: Lower-floor 'B' and 'C' units during peak regimes. These lines exhibit the highest frequency of severe resale depreciation (dropping over 50% in PPSF value during drawdowns) and weak liquidity.

10. EXECUTIVE SUMMARY

The Visionaire is a high-volume Hybrid asset that serves as a performance anchor in Battery Park City, outperforming the sub-neighborhood by 16.7%. The building’s health is driven by its 2BR and 3BR segments, which capture elite rent efficiency (~$90/SF) and exhibit steady compounding appreciation. However, investors face significant "income leakage" in the rental market for smaller units and substantial liquidity risk in the 'B' stack, where units can sit for nearly two years. Opportunity lies in high-floor 'D' and 'E' lines which command structural premiums, while risk is concentrated in the lower-floor units that suffer from unit size imbalance and resale volatility.

B³ SCORECARD

Liquidity Score: 72
Rent Capture Score: 78
Appreciation Score: 81
Composite Score: 77.0
Category Label: Hybrid (All scores ≥ 65).

Sponsor Normalization: Reclassified approximately 105 transactions (late 2008 through 2013) as sponsor-driven baselines due to "No Listing" status or DOM ≤ 30 days within the 5-year post-completion window.

Normalized Impact: Normalization removes these early hyper-fast closings from resale calculations, bringing the true median resale DOM up to 99-120 days.

Benchmark: Analysis utilizes the NYXRCSA Oct 2025 index of 331.14 for temporal context.